The Information Commissioner's Office (ICO), the Financial Conduct Authority (FCA) and The Pension Regulator (TPR) have issued a joint statement aimed at improving data protection and communication with consumers about retail investments and pensions. The statement highlights the importance of providing retail customers and pension scheme members with timely and clear information while respecting their preferences for direct marketing. It highlights that such transparency is essential for fostering trust, enabling customers to make informed decisions, and achieving their financial objectives.
The regulators noted feedback from retail investment companies and pension providers who called for better guidance on the interaction between TPR's Code of Practice, FCA Consumer Duty, and existing direct marketing rules under UK data protection legislation.
The statement clarifies that the UK General Data Protection Regulation (GDPR), Data Protection Act 2018 and the Privacy and Electronic Communications Regulations 2003 (PECR) do not prohibit the dissemination of regulatory communication to consumers. Instead, companies are encouraged to deliver factual and neutral information to aid clients in understanding their options, especially in the context of retirement planning, while ensuring compliance with data protection regulations.
In July 2023, the ICO and FAC issued a similar joint statement clarifying that UK data protection laws do not prevent UK banks from sending regulatory communication messages that provide neutral and factual savings product information.
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